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Tag: property assessment

  • Duval County TRIM Notice: What You Need to Know

    Duval County TRIM Notice: What You Need to Know

    Every year, Duval County property owners receive a document filled with property values, exemptions, proposed tax rates, and hearing information.

    It is called the Notice of Proposed Property Taxes, commonly known as the TRIM notice.

    The first thing to understand is simple. Your Duval County TRIM notice is not your property tax bill. It gives you information about your property assessment and proposed taxes before final tax bills are issued. Florida’s Department of Revenue describes the TRIM process as a way to show taxpayers which taxing authorities are responsible for proposed property taxes and to provide information before rates and budgets become final.  Florida Dept. of Revenue

    What is a TRIM notice?

    TRIM stands for Truth in Millage.

    Florida law requires the Property Appraiser to send the notice to property owners. The notice brings together information about your property’s value, exemptions, proposed taxes, tax rates, and public hearings. Florida Department of Revenue guidance lists August as the period when property appraisers mail TRIM notices. Florida Dept. of Revenue

    There is a lot of information on one document, so it helps to know which office is responsible for each part.

    Start with the property values

    One of the most useful sections of the notice is the property valuation information.

    You may see several different values, including just value, assessed value, and taxable value.

    Those numbers are related, but they are not interchangeable.

    The Property Appraiser establishes property value each year as of January 1. Assessment limits are then applied where appropriate, followed by qualifying exemptions to determine taxable value. Florida Dept. of Revenue

    That is why the value you see at the beginning of the process may be different from the taxable value shown later.

    When you receive your notice, compare those numbers with the property information you already have. If something looks unfamiliar, take the time to understand why.

    Look at your exemptions

    The TRIM notice also gives property owners a chance to review exemptions and other assessment information.

    Florida provides several property tax exemptions and benefits, including homestead benefits and certain exemptions for veterans, seniors, people with disabilities, and others who qualify under state law. Applications and documentation are submitted to the county Property Appraiser, which determines whether a parcel qualifies for an exemption. Florida Department of Revenue

    If an exemption you expect to see is missing, that is something worth asking about.

    The same applies if property details or assessment information appear incorrect.

    Know who sets the tax rates

    This is where the process often gets confusing.

    The Property Appraiser determines property values and administers exemptions and assessment limitations. The Property Appraiser does not set the property tax rate. Florida Dept. of Revenue

    Taxing authorities set their own millage rates. Depending on the property, those authorities can include county government, municipalities, the School Board, and other taxing districts.

    The Tax Collector later sends the property tax bill and collects payment. The Value Adjustment Board handles challenges involving assessments, classifications, and exemptions. Florida Dept. of Revenue

    Knowing which office handles each part can save a lot of confusion.

    Pay attention to deadlines

    If you disagree with an assessment or believe an exemption or classification has been handled incorrectly, there are procedures for asking questions and challenging the decision.

    A property owner can first contact the Property Appraiser’s Office. Florida also provides a Value Adjustment Board process for certain disputes. Florida Department of Revenue

    The filing deadline matters.

    Use the deadline printed on your current TRIM notice rather than relying on a date from a previous year.

    What this means for you

    Your TRIM notice gives you an opportunity to review important information before the property tax process moves forward.

    Look at the property value. Review your exemptions. Compare the information with your property record. Read the proposed tax information and public hearing details.

    You do not need to become an expert in Florida property tax law. You should, however, be able to understand what the main numbers represent and know which office to contact when you have a question.

    When your next TRIM notice arrives, take a few minutes to review it instead of filing it away.

  • How Property Values Are Determined in Duval County

    How Property Values Are Determined in Duval County

    If you have ever looked up your property record in Duval County, you have probably seen several different numbers attached to the same property. Just value, assessed value, and taxable value can all appear on the same record.

    They are connected, but they do not mean the same thing.

    Understanding how Duval County property values are determined makes it much easier to read your property record, understand your annual assessment, and know which part of the process is handled by the Property Appraiser.

    The process starts with just value

    Florida property is assessed each year as of January 1. The county property appraiser determines the just value of each property for that assessment date. Florida Dept. of Revenue

    You may also hear just value called market value.

    Florida law does not say that a property should simply be valued based on the last home that sold nearby. Section 193.011 of the Florida Statutes lists factors the property appraiser must consider when arriving at just value. They include the present cash value of the property, its use, location, size, condition, replacement value of improvements, income from the property when applicable, and information connected to a sale. Florida Senate

    That matters because two homes on the same street may not have identical values. Size, condition, improvements, land, use, and other property details can be different.

    A property record should give residents enough information to understand the basic facts being used to describe their property.

    Assessed value may be different from just value

    The next number you may see is assessed value.

    For some properties, assessed value and just value can be the same. For others, Florida assessment limits can cause the assessed value to be lower than the current just value.

    For homestead property, Florida’s Save Our Homes rules limit how much the assessed value can increase from one year to the next. The annual increase is generally limited to 3 percent or the change in the Consumer Price Index, whichever is lower. The assessed value cannot exceed just value. Florida Dept. of Revenue

    That is one reason a neighbor’s property value may look different even when the homes seem similar.

    Ownership history, exemptions, assessment limits, improvements, and other facts can affect the numbers shown on a property record.

    Taxable value comes after exemptions

    Taxable value is another number residents often see.

    The Florida Department of Revenue explains the basic sequence this way: the Property Appraiser determines value, applicable assessment limits are applied, and qualifying exemptions are then deducted to arrive at taxable value. Florida Dept. of Revenue

    Homestead and other property tax exemptions are administered by the Property Appraiser under Florida law.

    The Duval County property search already shows these values separately. A property record may display just value, assessed value, exemption information, and taxable value so residents can see the different parts of the calculation. Pao Property Search

    That separation is important. It helps explain why the market value shown on a property record is not necessarily the same number used as taxable value.

    The Property Appraiser does not set your tax rate

    This is one of the most common points of confusion.

    The Property Appraiser determines property values and administers exemptions. The office does not set the tax rates used to calculate the final property tax bill.

    Local taxing authorities set millage rates. Those authorities can include county government, municipalities, the School Board, and other taxing districts. The Tax Collector later sends and collects the property tax bill. Florida Dept. of Revenue

    So an assessment and a tax bill are related, but they are not the same thing.

    A change in assessed or taxable value is one part of the equation. The rates adopted by taxing authorities are another.

    What this means for Duval County property owners?

    You should be able to look at a Duval County property record and understand what the major numbers mean.

    Start with three:

    • Just value is the value determined for the property.
    • Assessed value reflects applicable assessment limits.
    • Taxable value reflects the value after applicable exemptions are taken into account.

    Florida property tax law can become complicated quickly, but those three numbers are a useful starting point.

    I believe residents should be able to find this information and understand how the pieces fit together without having to become property tax experts.

    Take a few minutes to look up your Duval County property record and compare the just value, assessed value, and taxable value shown for your property.